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Crypto Lender Celsius Withdraws Motion To Rehire Finance Chief

Bankrupt cryptocurrency lender Celsius has withdrawn a motion to bring back its former chief financial officer (CFO) Rod Bolger at a salary of $92,000 U.S. per month.

The motion to reinstate Bolger had been filed in a court for the Southern District of New York but was quickly withdraw when it was reported on by the media.

Bolger had previously worked full-time as CFO of Celsius for a base salary of $750,000 U.S. and a performance-based bonus of up to 75% of that base salary, plus stock and cryptocurrency options, bringing his total compensation to $1.3 million U.S. per year.

Celsius had been seeking to enlist Bolger as a consultant during the company’s bankruptcy proceedings. In the court motion, Celsius argued that it needed Bolger to help it navigate the bankruptcy process.

Bolger, a former CFO at Royal Bank of Canada (RY), was previously with Celsius for five months before resigning on June 30, about three weeks after the platform halted all withdrawals and ultimately filed for bankruptcy.

Celsius owes its customers nearly $5 billion U.S., according to its bankruptcy filing.

After Bolger’s departure, Celsius installed Chris Ferraro, head of financial planning, as its new CFO.

Once a leading cryptocurrency lender, Celsius now faces claims that it was running a Ponzi scheme by paying early depositors with money it received from new users.